Ofcom’s Media Nations report is an excellent analysis of media consumption and trends, with a great section on radio and audio.
One of the opening paragraphs is a good overall analysis of the sector
Consumers continue to listen to radio and audio content on a wide range of devices. Although listening to live radio on a radio set has been in decline for the past few years, for adults overall it continues to account for much of their audio consumption. Conversely, consumption of digital audio services, including online live radio, music streaming services and podcasts, has grown over time, especially among adults aged 15-34 for whom live radio on a radio set now accounts for less than a quarter of listening.
iHeartMedia is the biggest US radio operator – nearly a thousand radio stations, a well marketed app – iHeartRadio, and a strong podcast network. It’s also one of the big players in podcast consolidation, having snaffled up Voxnest, Triton and Spreaker.
As a big player, if run well, all these parts make the sum stronger. Cross-promotion, talent and technology all working together, giving them a strong competitive advantage.
The promo tie-ups of all your different activities are relatively easy to do. Some good media planning can generate real dividends, and if the tech stack’s good, it isn’t that hard to do. What’s more complicated, but potentially very profitable, is where you can use your large work force to help grow the business in new areas.
That’s why I was taken with their announcement last week that they’ve done a deal with TuneIn “the world’s leading live streaming audio service”.